AZERBAIJAN: according to Association of Insurers, market development will accelerate this year

According to the Chairman of the Association of Insurers of Azerbaijan (ASA) Azer ALIYEV, thanks to newly approved insurance rules and the introduction of new voluntary types of insurance, the local market's development will accelerate this year, Trend News Agency reports.

"In 2019, we expect the introduction of new voluntary types of insurance as well as the appearance of agro insurance on the market, which will contribute not only to a volume increase in the whole market, but also to the insurer activity," ALIYEV said.

As ALIYEV explained, the draft bill "On agro insurance" has already been prepared and may be adopted this year. ASA plans to focus on insurance promotion and education. "The Association will keep working actively to provide specialized training for improving skills and professional knowledge for insurance company employees," he added.

In terms of GWP in 2018, the market exceeded the 2017 result by 30.7%, while total paid claims dropped by 6.54% y-o-y.